Jio Insurance Broking Interview Questions and Answers

I have 3 years of experience in the Record to Report domain, including preparing financial statements and reconciling accounts.

• Prepared monthly financial statements in compliance with GAAP standards

• Performed account reconciliations to ensure accuracy of financial data

• Assisted in the implementation of new accounting software for improved efficiency

• Collaborated with cross-functional teams to streamline RTR processes

Revenue expenditure is for day-to-day expenses while capital expenditure is for long-term assets.

• Revenue expenditure is incurred for maintaining the business operations and generating revenue.

• Capital expenditure is for acquiring assets that will provide benefits over multiple years.

• Revenue expenditure is recorded in the income statement and is fully deductible in the year it is incurred.

• Capital expenditure is recorded ...read more

Amortisation is the allocation of the cost of intangible assets over their useful life, while depreciation is the allocation of the cost of tangible assets over their useful life.

• Amortisation is used for intangible assets like patents, copyrights, and trademarks.

• Depreciation is used for tangible assets like buildings, machinery, and vehicles.

• Amortisation is typically calculated using the straight-line method or the dec...read more

To calculate a rate in Excel, use the formula: Rate = (Value 1 / Value 2) * 100

• Enter the values you want to calculate the rate for in separate cells

• In a new cell, use the formula: Rate = (Value 1 / Value 2) * 100

• Value 1 is the numerator and Value 2 is the denominator

• Multiply the result by 100 to get the rate percentage

• For example, if Value 1 is 50 and Value 2 is 100, the formula would be: (50 / 100) * 100 = 50%

Journal entries for prepaid expenses and accruals involve recognizing expenses before they are paid or revenue before it is received.

• Prepaid expenses are initially recorded as assets and then expensed over time as they are used up.

• Accruals involve recognizing expenses or revenue before cash is exchanged.

• For prepaid expenses, a journal entry would involve debiting an expense account and crediting a prepaid expense accou...read more

Accrual accounting recognizes revenue and expenses when they are incurred, regardless of when cash is exchanged. Deferred accounting recognizes revenue and expenses when cash is is exchanged.

• Accrual accounting records revenue when it is earned and expenses when they are incurred, regardless of when cash is received or paid.

• Deferred accounting involves postponing the recognition of revenue or expenses until a later date...read more

A contingent liability is a potential liability that may occur depending on the outcome of a future event.

• Contingent liabilities are not recorded on the balance sheet but disclosed in the footnotes.

• Examples include pending lawsuits, warranties, and guarantees.

• The likelihood of the contingent liability and the amount involved must be assessed.

Genpact is a global professional services firm specializing in digital transformation, analytics, and process optimization.

• Genpact was founded in 1997 as a business unit within General Electric.

• It became an independent company in 2005 and is headquartered in New York City.

• Genpact offers services in areas such as finance and accounting, procurement, supply chain, and customer service.

• The company has a presence in over 3...read more